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Total Succession

Total Succession

By: Tyson Ray and Kim Cochenour
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 So you’ve built a business helping others plan their future. But what’s the plan for yours? Your future deserves the same attention you give your clients every day. It’s time to protect what you've built and prepare for what’s next. Welcome to the Total Succession Show, your resource for learning how to exit confidently, be fully compensated, and keep your clients' interests first. Hosted by veteran financial advisor Tyson Ray and co-host Kim Cochenour, each episode will help you navigate the emotional and strategic challenges of succession planning through real-life stories, insights from industry experts, and Tyson's SPACE framework: See, Prepare, Act, Commit, Exit. Tune in each week and head to totalsuccession.com for free tools to help you start preparing for what's next.2025 Career Success Economics Personal Finance
Episodes
  • Build the Bench: Who’s Taking Over What You Built?

    Build the Bench: Who’s Taking Over What You Built?
    Jul 8 2025

    “What would happen to your business if you weren’t around tomorrow?” That’s the key question that Tyson Ray and Kim Cochenour unpack in this episode.

    From the importance of succession planning to finding and training the next generation of advisors – they share insights that will help you future-proof your firm and build a lasting legacy.

    • Tyson and Kim address the question “What would happen to my business if tomorrow I wasn’t around?”
    • As Kim points out, most advisors still have their practice revolving around them.
    • Is that you? Then know that if the business only works when you are in the seat, you are NOT succession ready.
    • When Tyson had his first son, he had a realization. He did take care of his own estate planning but didn’t think about all the people who were dependent on him…
    • Tyson and Kim go into why having a bench matters right now, even when you’re years away from retirement.
    • When planning his bench, Tyson made sure that he had enough time and energy to look for and coach G2, the second generation of advisors.
    • Keeping your ego in check is a key part of the process. Tyson sees looking for someone who has skills and talents that you don’t have as a recipe for succession success.
    • Are you getting referrals for clients? You can do the same for G2: Get referrals for folks who would like to join a financial services firm.
    • Kim touches upon the fact that the process of mentoring a G2 who doesn’t end up being a good fit for your firm is still valuable for the advisory industry as a whole.
    • Tyson and Kim discuss common mistakes and succession planning failures.
    • Kim recommends starting the process by listing out the three most important tasks you still personally handle at the firm – then ask yourself: “If I was out for a month, who could still do this?”
    • Building a legacy revolves around answering the question “If I wasn’t here tomorrow, who could step in?” says Kim.

    Mentioned in This Episode:

    TotalSuccession.com

    FORM Wealth Advisors

    Tyson Ray

    Kim Cochenour
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    21 mins
  • M&A and Your Succession Plan: From Industry Hostage to High-Value Exit with Ted Motheral

    M&A and Your Succession Plan: From Industry Hostage to High-Value Exit with Ted Motheral
    Jul 1 2025
    Today, the financial advisors’ space is seeing the most robust M&A market in history. A tidal wave of succession planning deals is transforming the advisory landscape, yet many firm owners are unprepared… Hosts Tyson Ray and Kim Cochenour welcome Mercer Advisors’ Ted Motheral to break down the entire succession planning puzzle, discuss the importance of fit over size, and what drives today’s high multiples. If you’ve been planning your exit strategy, this episode will provide you with valuable insights on the topic. Ted Motheral kicks the conversation off by sharing some of the current trends he sees in the M&A space.The current status quo? “The most robust M&A market in the history of the industry,” says Ted. Ted explains that there’s a real influx in the M&A market of the so-called succession planning deals.Tyson Ray depicts a scenario in which advisors tend to be like prisoners – or hostages – without even knowing it.Ted touches upon two shifts that have taken place over the last 5-10 years. Ted, Tyson, and Kim discuss how succession planning may vary for three categories: Advisors who have 10 years left at their job, those in their last 5 years, and those in the “emergency succession” phase.According to some industry stats, 42% of this industry is going to retire in the next decade and less than 50% of those people have a true succession plan in place.Ted shares an example of an effective approach to succession planning.Kim, Ted, and Tyson go over the different pieces that make up the succession planning puzzle.There are two types of RIA firms: Integrators and aggregators. Ted explains the difference between the two.“When it comes to M&A, you’re looking at fit more than size,” says Ted. You’re looking at fit in terms of a fiduciary who provides foundational financial planning.The conversation touches upon multiples – at whether they come from the size or preparedness of the firm, as well as why multiples are hitting the numbers that they are.Ensuring that your client accounts are sticky is another major point with every successful succession plan.Ted lists the traits of the best succession plans and partnerships he has seen in his career, as well as advisor mistakes when it comes to client ownership and selling shares of clients.For Ted, financial advisors need to be educated as to what their options are so that they can work better with wire houses and corporate RIAs. Mentioned in This Episode: TotalSuccession.com FORM Wealth Advisors Tyson Ray Kim Cochenour Ted Motheral Mercer Advisors Potomac Law Group Morgan Freeman The Shawshank Redemption Michael Kitsis Ted Motheral is Principal of M&A Partner Development at Mercer Advisors. All expressions of opinion reflect the judgment of the author as of the date of publication and are subject to change. Mercer Global Advisors Inc. is registered with the Securities and Exchange Commission and delivers all investment-related services. Mercer Advisors Inc. is a parent company of Mercer Global Advisors Inc. and is not involved with investment services. Mercer Advisors is not a law firm and does not provide legal advice to clients. All estate planning document preparation and other legal advice is provided through select third parties unaffiliated to Mercer Advisors. Tax preparation and tax filing are a separate fee from our investment management and planning services. Trustee services are offered through select third parties with which a client would engage directly, as such additional fees may apply. Mercer Global Advisors has a related insurance agency. Mercer Advisors Insurance Services, LLC (MAIS) is a wholly owned subsidiary of Mercer Advisors Inc.
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    52 mins
  • Building a Sellable Business Even If You’re Not Selling Yet

    Building a Sellable Business Even If You’re Not Selling Yet
    Jun 24 2025

    Succession planning isn’t just for advisors who are ready to sell – it’s for anyone who wants to build a stronger, more resilient business.

    In this episode, Tyson Ray and Kim Cochenour explain why preparing your firm to run without you makes it more scalable, more valuable, and, ultimately, more sellable, whether you’re years away from an exit or just starting to think about it.

    • Tyson and Kim address a topic every advisor needs to hear: How to build a business that’s ready to transition – even if you’re not planning to sell right now.
    • This is a topic that has to do with the “P” in the SPACE framework: Prepare.
    • As Kim puts it, “Succession is something you have to prepare for, and it’s the preparation that makes your business stronger, whether you sell it or not.”
    • Tyson explains why you need to think about having a sellable business even if selling isn’t something you’re thinking about for the near future.
    • Planning for when you’re not there is something Tyson sees as a key step in successful succession planning.
    • Tyson touches upon what may happen to your business if you were to pass away unexpectedly and without having had a succession and relevant tools in place.
    • Kim believes that you should ask yourself whether you’re going to leave your team and clients a map to follow or a mess to clean up.
    • Those gaps make the business harder from a succession standpoint, as well as from a scaling-it-now standpoint.
    • Tyson lists several questions it may be worth asking yourself even if you’re not currently thinking about selling your business in the foreseeable future.
    • Tyson believes that “You’re going to exit your practice and are going to have a succession. It’s a matter of whether you determine it or it’s going to be determined for you.”
    • Tyson and Kim talk about why preparing WELL matters.
    • Kim shares a critical question you should address. If you were to hand off your business in 90 days: What would break?
    • Tyson and Kim wrap things up by sharing how to get started with a succession.

    Mentioned in This Episode:

    TotalSuccession.com

    FORM Wealth Advisors

    Tyson Ray

    Kim Cochenour

    Scott Danner

    Dan Sullivan

    Andrea Schlapia
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    20 mins

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